GBP/USD traders await Carney's speech Friday - Scotiabank

Analysts at Scotiabank explained that GBP is consolidating in a tight range around 1.2480. 

Key Quotes:

"Domestic developments have been limited, with near-term event risk centered on Friday’s industrial production data and BoE Gov. Carney’s speech. 

Yield spreads are steady, with a 2Y U.K.- U.S. spread hovering just beyond –110bpts. We continue to highlight GBP’s vulnerability to a break above 1.25, given the extended bearish positioning and the potential for adjustment."